TUC alleges IMF, World Bank behind fall of Nigeria to impoverish Nigerians

The Trade Union Congress of Nigeria (TUC) has lamented the continuous decline of the naira and its debilitating effects on the side on workers, through inflation.

The TUC stated this on Sunday through it Deputy President, Dr Tommy Okon, alleging that the International Monetary Fund and the World Bank were behind the slide of the naira against the dollar and other foreign currencies in a bid to continously impoverish Nigerians.

Okon said: “The continued free fall of the naira against other currencies is nothing but plot by the International Monetary Fund, IMF, and the World Bank to continuously impoverish Nigerians.

“They stylishly manipulate our leaders to believe that they mean well for our country whereas it is for their selfish economic gains.

“It is sad that instead of encouraging our indigenous industries to be productive, the Central Bank of Nigeria, CBN, decided to lift the ban on the 43 items restricted from accessing foreign exchange to boost liquidity in the foreign exchange market.

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“As we speak, most of our local industries can no longer cope because of importation of goods to weaken local industries.

“You are aware of the effort of the previous government to boost our local industries. For instance, the rice mills and our local rice were competing well in the market which were exported to boost foreign exchange market but today, most industries would prefer importing rice to milling because it could be cost-effective.

“On the part of workers and the masses, it is a sorry situation because virtually everything has skyrocketed by inflation. The workers are the worst hit because of the fixed salary and income, and there is nothing tangible to cushion the effect of the free fall of the naira against other currencies.

“Our leaders should strengthen our local industries and make them more productive and stop depending on the IMF and World Bank for economic recovery.”

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